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Conference Paper
U.S. leadership and postwar progress
Journal Article
U.S. policy in the Bretton Woods era
Conference Paper
What do budget deficits do? (commentary)
Conference Paper
Commentary: monetary policy and the control of inflation
Journal Article
Origins of the Great Inflation
The Great Inflation from 1965 to 1984 is the climactic monetary event of the last part of the 20th century. This paper analyzes why it started and why it continued for many years. Like others, it attributes the start of inflation to analytic errors, particularly the widespread acceptance of the simple Keynesian model with its implication that monetary and fiscal policy should be coordinated. In practice, that meant that the Federal Reserve financed a large part of the fiscal deficit. This paper gives a large role to political decisionmaking. Continuation of inflation depended on political ...
Conference Paper
Comment from the floor
Journal Article
Real exchange rates: some evidence from the postwar years
Journal Article
Money and monetary policy: an essay in honor of Darryl Francis
Conference Paper
Commentary : monetary policy at zero inflation
Conference Paper
Information, sticky prices and macroeconomic foundations.